MONTREAL, June 11, 2015 /CNW Telbec/ - PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSXV: PYR), a TSX Venture 50® clean-tech company (the "Company" or "PyroGenesis") that designs, develops, manufactures and commercializes plasma waste-to-energy systems and plasma torch products, announced today that it has received $85,000 as a progress payment under a previously announced Oil and Gas project.
This payment was made in relation to the Oil and Gas project which uses plasma processing of a specific waste stream to recover valuable metals from it. So far, the Company has proven that the plasma processing of certain waste streams can not only recover valuable metals from it, but that there is also a significant 50:1 waste volume reduction, which decreases disposal costs by more than 90%. At this point, data indicates that a $20MM PyroGenesis system could save the client over $40MM/year by reducing waste disposal costs combined with generating value from recovered metals.
The project is 75% complete and represents several years of work and several millions of dollars invested in proving the technology. The installation and commissioning is presently underway, and testing is to commence early July at PyroGenesis' facilities in Montreal. The total project is expected to be completed by the end of the summer. If successful, the next step would be to design, manufacture and supply a commercial system. There is a current need for a system, or combination of systems, to process 300 tonnes per day.
"This is an extremely interesting project" said Pierre Carabin, Director of Engineering of PyroGenesis, "as it taps into significant hidden value. The PyroGenesis technology at use here not only solves an important waste problem, but also creates value from that same waste."
"We are extremely happy with the progress and results of this project to date," said Peter Pascali, President and CEO of PyroGenesis. "This application is independent of oil prices. So long as our client is producing waste from their operations, they will significantly benefit from deploying PyroGenesis' patented system."
About PyroGenesis Canada Inc.
PyroGenesis Canada Inc., a TSX Venture 50® clean-tech company, is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 production facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Our operations are ISO 9001:2008 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian company on the TSX Venture Exchange (Ticker Symbol PYR.V). For more information, please visit www.pyrogenesis.com
This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Company's ongoing filings with the securities regulatory authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE PyroGenesis Canada Inc.
For further information: P. Peter Pascali, Chief Executive Officer, Phone: (514) 937-0002, E-mail: [email protected]